Flag Of Convenience: A Mask Or A Machine? – Fikayo Oyewunmi

The aim of this paper is to analyse the various uses that the open registry system is being put to. The paper will seek to generally classify all uses under 2 headings. The first category deals with instances where the system is being used as a means for tax evasion and skirting of safety and health laws. The second category deals with instances where the system is being utilised as a tool for economic buoyancy and the legitimate creation of wealth. The paper will seek to show that the open registry system (Flag of Convenience) has done more harm than good and is used in most instances as a mask, that is, the main function, which it has been reduced to, is to allow it’s bearer cover his criminal activities with the mask of legitimacy. The paper will conclude by analysing the current legal framework in place, to tackle the issue.